The first US bitcoin futures exchange-traded fund has recently started trading on the New York Stock Exchange. This has been perhaps one of the most crucial moments in the development of the crypto industry lately. The ETF traded at $280 million worth of shares within the first minutes of its launch. ProShares became the first company to create a bitcoin-linked ETF - Bitcoin Strategy ETF - after the US Securities and Exchange Commission had granted its approval for listing. Technically, the regulator had not formally approved the creation of bitcoin futures ETF. Legally, the SEC had 75 days to decline or approve ProShares’ application. Since the watchdog did not officially disapprove of it within the indicated period, it gave the firm the green light to take action. Consequently, after 3 years of waiting, American investors have finally got access to bitcoin ETFs until the SEC decides to intervene.
The flagship cryptocurrency ballooned amid the news. In October, BTC soared by over 40% fueled by just expectations. Analysts forecast yet another stellar rally at Christmas when the world’s first cryptocurrency is likely to set new all-time highs. The Fear & Greed index reached the value of 78, signaling “extreme greed”. In theory, the digital asset still has some space to grow. At the same time, its upside potential is limited. BTC could encounter strong resistance even at the current levels since many market participants are likely to consider this situation the perfect time for locking in profit, ProShares suggest.
